In the middle of dry closing between overseas buyer and seller and need help. Suspect some sort of scam

Asked by Brian Gibson, Outside U.S. Tue Jul 9, 2013

We received a cash offer from a Brazilian buyer. Docs were signed notarized, 10% escrow was received all set to close 27th June. At the last minute we were told it would be a dry closing because the funds were not received. 2 large wires and one smaller one were sent 26th June.
The 2 large wires were subsequently received 6 days later but there was a discrepancy on how the smaller wire was written up by the bank in Brazil and it had to be resent last Friday. It has now been received by the Bank in Florida but due to a technicality they say they have no right to accept the funds. Earlier today my wife contacted KUA to discuss moving the water and electric bills to the Buyer as soon as closing is finished. KUA said that the buyer has already been in touch and have arranged to take over the bills as of July 10th. We then heard about the latest failure with the wire after close of business.
I am really concerned that some sort of scam is being worked.

What should we do next?

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Christine Mo…, Agent, Wilbraham, MA
Thu Jul 11, 2013
There is a big scam just like that. After you wire them the funds the check bounces. It is usually run with an Asian male name as the buyer and sometimes the country is Canada where the buyer is.
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Wed Jul 10, 2013
Do you have an attorney working on this transaction? I would think legal advice would be in order at this point.
0 votes
Alain Picard, Agent, Puyallup, WA
Tue Jul 9, 2013
I would ask your agent about this. Your contract should say what your options are if the buyer doesn't close on time. You should at least be able to keep their earnest money.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Jul 9, 2013
Seriously, you need real advice, not advice from strangers online.....there's just too much going on for anyone here to really help you.

Do you have an agent?
If so, what are they doing on your behalf?

Who is handling the closing? What are they advising?

If you're not getting satisfactory answers from any of the above, reach out to a local real estate attorney and get advice that means something.

Best wishes
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